ESMA may conduct investigations of the persons referred to in Article 48b(1). Officials and other authorised persons may examine records, data, procedures and any other material irrespective of medium; take or obtain certified copies or extracts; summon and ask those persons, their representatives or staff for oral or written explanations and record answers; interview consenting third parties; and request records of telephone and data traffic. Authorised persons shall produce a written authorisation specifying subject and purpose and indicating periodic penalty payments under Article 48g for non‑production or incompleteness and fines under Article 48f for incorrect or misleading answers.

Persons referred to in Article 48b(1) must submit to investigations based on an ESMA decision which shall specify subject, purpose, periodic penalty payments, the legal remedies under Regulation (EU) No 1095/2010 and the right to have the decision reviewed by the Court of Justice. ESMA shall inform the competent national authority in good time; national officials shall, at ESMA’s request, assist or may attend. If national judicial authorisation is required for telephone or data traffic records it shall be applied for; the national judicial authority shall verify the decision’s authenticity and that measures are proportionate and may seek explanations, but shall not review the necessity of the investigation or demand ESMA’s file. Lawfulness of the decision is reviewable only by the Court of Justice under Article 61 of Regulation (EU) No 1095/2010.